Aftermath of First Republic Bank Takeover: JPMorgan Chase Turns Down 1K Employees

• JPMorgan Chase & Co (NYSE: JPM) will not give jobs to some First Republic Bank (OTC: FRCB) employees after the takeover.

• JMP notified about 1,000 First Republic Bank employees that they aren’t being given jobs even temporarily, reported Bloomberg.

• According to Bloomberg, JP Morgan offered full-time or transitional roles to about 85% of the nearly 7,000 workers still working at First Republic when it failed, while the others were told they would not get offers.

• Related: JPMorgan Chase Confident In First Republic Takeover, Raises 2023 NII Guidance by $3B

• The source stated that the temporary jobs would be for three, six, nine, or 12 months, depending on the position.

• First Republic Bank, now under the control of JPMorgan following a seizure by regulators, was known for its ultra-generous employee incentives.

• Also Read: ChatGPT Bug Bites JP Morgan: Looks To Develop AI Software For Investment Advice

• Former First Republic employees who weren’t offered jobs at JPMorgan “will receive pay and benefits covering 60 days and will be offered a package that includes an additional lump-sum payment and continuing benefits coverage,” a JMP spokesperson stated.

• Price Action: JPM shares are trading higher by 0.51% at $136.36 on the last check Friday.

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